I'm sure there are going to be a large chunk of characters that are going to be left in the wastelands, and most of them will be those that debuted in MK4 afterward. It is sad really, because I think the potential is there for the characters to be made into solid characters, even the likes of the bottom rung such as Kobra and Hsu Hao.
The problem is though that because these characters debuted in games that were pushed out to make sure that Midway had some form of money coming into their bank, they just never reached that potential.
I personally think that if the time was allowed, much like MK9, we could have a solid product for that crop of characters.
I mean if you look at the roster right now of MK9, you could say that generally each character is pretty solid in their own right, and outside of some minor tweaks here and there, the characters are in no real need of drastic move changes, kind of like what happened in the 3D games.
If that kind of dedication was done to the 20+ characters that are right now in limbo, I think an actual second Armageddon game could provide people with what they should've had the first time around if things weren't hurried out the door.